Credit unions have been a staple of the financial industry for over a century, offering consumers alternatives to traditional banks with their community-based approach to financial services. Digital transformation is a key part of this adaptation process, as credit unions must recognize the need to improve their operations and provide members with the convenience and accessibility of digital tools. Here are three ways in which credit unions can transform digitally:

Take a digital approach to planning.

Finding unmet requirements is the first step in developing a successful product. Credit union leaders can assess the efficacy (or lack thereof) of their current processing tools and procedures. This process depends on a wide variety of factors, including:

• Study the buyer persona: Which demographics do you typically serve, and which ones should you prioritize? Millennials and Gen Z, two of the most prominent generations, are increasingly demanding digital services and showing little interest in visiting physical locations.
• Adopt a digital strategy across the board: Prioritize cross-channel transformation and omni-channel initiatives to better integrate different parts of the business.
• Once you’re ready to make the transition to digital transformation, you need secure a digital budget that will allow your firm to retain momentum.

Consider a technology partner.

Once you have conducted your assessment and identified the areas for upgrade, you may need a managed core banking transformation provider like Phoenix International to meet those needs. Partnering with a partner to manage your technology change management will reduce risks, costly delays, and improve speed to market . Your partner must also prioritise customer-friendly products to drive adoption and improve customer experience. Phoenix International considers key factors including your company’s goals, operational efficiency and customer experience.

Common services include:

• Managed services to manage your core banking, digital channel and infrastructure technology stack. FinTech Products and services tailored to the needs of your organization.
• Training is offered for all key personnel to ensure smooth and timely implementation and daily operations. Our team possesses diverse commercial, IT, and software development expertise.

Investing in innovation is not a ‘quick fix,’ but rather a recurring and transformative component of your business’ success. Having a technology partner like Phoenix International enables you to understand the potential impact of these changes and how to implement them in a cost effective manner over time.

 

Automate. Automate. Automate

Automating the processes that give your members access to critical services whenever they’re needed is a lot more efficient. When compared to manually processing these services, automating them will save significant time and resources for use elsewhere. Our digital loan origination tool, for instance, permits convenient remote access to loan applications. Members will be able to apply and check the status of their applications without leaving their homes or places of business.

 

Digital transformation is not just about adding new technology, but also about creating a culture of innovation and agility within the organization. Credit unions that embrace digital transformation can stay competitive in a rapidly changing financial landscape and provide their members with the convenience and accessibility they demand.

At Phoenix International, we provide a guided service, so if you’re ready to experience change and tackle those lagging pain points, and creating a lasting service, contact us at phoenixinternational.io right away to find out how we can take your credit union to the next level.